ISLAMABAD: Telenor Microfinance Bank (TMB) has reported phenomenal financial performance for the first half of 2024, achieving a profit before tax of 2.6 billion rupees with a staggering 788 percent increase as compared to 2023.
According to a press release on Sunday the Board of Directors of TMB in its meeting held on August 22, 2024, approved the bank’s financial results for the half year ended June 30, 2024.
The increase of 0.3 billion rupees and equity touching PKR 10 billion, solidified its position as a pioneering force in Pakistan’s fintech landscape.
Customer deposits and advances have shown remarkable growth, with deposits reaching 67.0 billion rupees up by 21perecnt in comparison with H1 2023: 55.3 billion rupees and advances climbing to 22.9 billion rupees, growing by 59 percent, H1 2023: PKR 14.5 billion.
The bank also maintained a robust Capital Adequacy Ratio (CAR) of 26.9 percent in the first half of 2024. This achievement highlighted TMB’s exceptional ability to scale operations and sustain growth simultaneously. The major increase in loans and advances, coupled with excellent profitability, further underscores the bank’s strong financial performance and an effective digital-first strategy in the challenging economic landscape.
TMB’s flagship digital financial services platform, easypaisa, recorded massive growth, achieving a milestone of over 15 million monthly active users with one in four Pakistani adults, registered easypaisa accounts. With more than 45 million registered users, easypaisa keeps its position as one of Pakistan’s leading financial services app with a rating of 4.5 on the Google Play store, one of the highest among banking apps.
Amin Sukhiani, Chief Financial Officer, Telenor Bank/easypaisa commenting on the remarkable performance said, “As we move into the second half of 2024, our commitment to driving economic growth and development remains unwavering, with a continued focus on putting our customers first. Importantly, our digital transformation towards becoming a full-fledged Digital Retail Bank, subject to regulatory approvals, will further enhance our ability to serve our customers and contribute to Pakistan’s financial landscape.”
TMB has made significant strides in the Pakistani financial landscape, bringing innovative solutions and empowering individuals and businesses alike. The easypaisa Karobar Ecosystem will transform operations for retailers and FMCGs, offering efficient financial management tools. Additionally, the bank has launched an enhanced credit score feature on the easypaisa app, providing users with valuable insights to make informed financial decisions.
TMB’s commitment to innovation is also recognized internationally, with the easypaisa Audio Nikahnama campaign receiving praises at the MADSTARS Awards Korea, Caples Awards UK, Dubai Lynx Awards, and International CLIO Awards.
